Mortgage broker

 

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Mortgage broker

An independent agent who shops around for the best mortgage deal on behalf of his clients.

Mortgage Broker

One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker.

Mortgage broker

A person or company engaged in the arrangement of mortgages for buyers. The broker is usually paid a commission by the lender.

Mortgage broker

A company or individual that places mortgage loans with lenders, but does not originate or service loans like a mortgage banker.



Mortgage broker

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Guarantee mortgage

Guarantee mortgage

A loan guaranteed by a third party, such as a government institution.


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Mortgage pool

A group of mortgages with similar class, interest rate, and maturity characteristics.


Secondary Mortgage Market

Secondary Mortgage Market

The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at discount. The secondary mortgage market should not be confused with second mortgage.


Real Estate Mortgage Investment Conduit (REMIC)

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A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. A financing vehicle created under the Tax Reform Act of 1986.


Equity linked mortgage

Equity linked mortgage

The lender takes ownership of a stake in the equity of the property. This means that they lend you less than the full amount that is required to buy the home. Interest is only charged on the amount that they lend you and not on the full value of the property. When you sell the property, the lender receives payment in proportion to the amount of equity that they own, and therefore benefits from any increase in the price of the property.


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